EMPLOYEE THRIFT CONTRIBUTIONS Clause Samples
The EMPLOYEE THRIFT CONTRIBUTIONS clause defines the rules and procedures for employees to voluntarily contribute a portion of their salary to a savings or retirement plan, often on a pre-tax basis. Typically, this clause outlines eligibility requirements, contribution limits, and the process for making or changing contributions, as well as any employer matching provisions. Its core function is to facilitate employee savings by providing a structured and tax-advantaged way for employees to set aside funds for future financial needs, thereby promoting financial security and planning.
EMPLOYEE THRIFT CONTRIBUTIONS. If selecte▇ ▇▇▇▇▇, Employee Thrift Contributions, which are required for Matching Thrift Contributions, may be made by a Participant in an amount equal to (select one):
(1) A dollar amount or a percentage of the Participant's Compensation which may not be less than ________% nor may not exceed ________% of his or her Compensation.
(2) An amount not less than ________% of and not more than ________% of each Participant's Compensation.
EMPLOYEE THRIFT CONTRIBUTIONS. Employee nondeductible contributions which are required to be eligible for a Matching Thrift Contribution. Employee Thrift Contributions do not include Participant Voluntary Nondeductible Contributions.
EMPLOYEE THRIFT CONTRIBUTIONS. If elected by the Employer in the Adoption Agreement to provide for Employee Thrift Contributions, the Employer will contribute cash to the Trust Fund in an amount equal to (A) the Employee Thrift Contribution percentage of each Participant on his or her Employee Thrift Contribution election form multiplied by each such Participant's Compensation or (B) the specific dollar amount set forth on the Participant's election form. The amount elected by a Participant pursuant to a Participant's Employee Thrift Contribution election shall be determined within the limits specified in the Adoption Agreement. Such election shall be made on a form provided by the Administrator but no election shall be effective prior to approval by the Administrator. The Administrator may reduce the amount of any Employee Thrift Contribution, or make such other modifications as necessary, so that the Plan complies with the provisions of the Code. A Participant's election shall remain in effect until modified or terminated at such times as specified in the Adoption Agreement.
EMPLOYEE THRIFT CONTRIBUTIONS. 5 1.33 Employee Thrift Contributions Account.....................................................................5 1.34 Employer..................................................................................................5 1.35